Saudi Arabia has recently introduced five new resident permits for foreigners, each offering a range of benefits to recipients. These permits aim to attract skilled individuals, investors, entrepreneurs, and real estate owners to contribute to the kingdom’s growth.
The first category, skilled residency, includes sub-categories where applicants need to be nominated for or have received an approved award from the Saudi Ministry of Culture and Sports. Alternatively, they must meet eligibility criteria set by both Ministries. This encourages individuals with recognized achievements in various fields to consider residing in Saudi Arabia.
For investors seeking permanent residency, the government mandates a seven million Riyal investment and the creation of at least ten jobs within the initial years. This policy aims to attract substantial foreign investments while simultaneously boosting employment opportunities.
Entrepreneurs, in the first category, are required to spend a minimum of 30 months in the Kingdom, meet existing eligibility criteria, and secure a minimum investment of $400,000 from a recognized organization with a 20% ownership stake in the startup. The second category focuses on direct permanent residence, demanding a substantial investment, job creation, and proof of a 10% share in the business venture.
Real Estate Residency is granted to individuals owning properties worth at least 4 million Riyals, free from any debts. This encourages property investment and ownership, contributing to the stability and growth of the real estate sector.
Additionally, a special talent residency option spanning five years is available to professionals in fields like medicine and science, requiring a minimum monthly salary for eligibility. This aims to attract skilled professionals who can contribute significantly to the country’s advancement.
The overall initiative not only promotes foreign investment but also seeks to bring in skilled individuals and entrepreneurs who can actively participate in the nation’s economic development. The tiered approach to residency permits reflects a nuanced strategy tailored to diverse categories of potential residents.
